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Striving to Be "Clearly Open" and "Crystal Clear": Monetary Policy Communication of the CNB

Striving to Be Clearly Open and Crystal Clear: Monetary Policy Communication of the CNB by Ales Bulir
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The Czech National Bank has a respectable track record in terms of its policy actions and the corresponding inflation outturns. Using a simple forward-looking policy rule, we find that its main communication tools-inflation targets, inflation forecasts, verbal assessments of the inflation risks contained in quarterly inflation reports, and the voting within the CNB Board-provided a clear message in about three out of every four observations in our 2001- 2005 sample.
International Monetary Fund; April 2008
22 pages; ISBN 9781452712765
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Title: Striving to Be "Clearly Open" and "Crystal Clear": Monetary Policy Communication of the CNB
Author: Ales Bulir; Katerina Smídková